(2a)(i) duration of the business (ii) capital contribution (iii) admission of new members (iv) the nature of the business (v) the objective of the firm (2bii) bankcruptcy of a partner:partnership will be dissolved when a partner becomes bankcrupt. (2biii) death of a partner:the death of a partner will bring an end the the business (2biv) joint decision:partnership can be dissolved when all members decide. (3a)(i) source of revenue. (ii)promotion of economic development. (iii) provision of employment opportunities. (iv)it increases world output. (3bi)Import quota:This helps to restrict imports by imposing a limit on the quantity of goods that can be imported. (3bii)Embargo: This is a ban placed on some imported goods. (3biii) Devaluation: This increases the cost of importation and reduces the cost of exports. (3biv)Foreign exchange control. (5a.) cheque - A cheque is defined by the bill of exchange act of 1882 as "a bill of exchange drawn on a banker on a banker payable on demand . (5b.)(i) current account - money can be withdrawn frequently. holders of interest are not entitled to interest payment of commission is made by the customers to the bank. (5b)(ii) saving account - money can only be withdrawn occasionally. it attracts a favourable rate of interest. holders are issued with passbook. (iii) fix deposit account - money is deposited for a specific period it attracts higher interest rate. notice of seven days must be given withdrawal. (6a)- provision of long term loans for capital project. -they help to implement government financial policies. -they conduct extensive study on the industrial sector in order to determine the viability of industries in a country. -they advise both the government and industrialists on the surest way of developing a nation. - they contribute to man power development by making funds available to man power training institutions. (6b)(i) issuing of currency: the bank is the sole authority empowered by law to issue the nations all form of currency. (ii) it controls the foreign exchange reserves: it issues foreign exchange to those who are in need of it, and as a result it knows when excess foreign exchange. (iii)it advises the government:because of it pivotal position,they advises on financial situation (iv) federal government banker:they keep the nation mopney (v) As a governmental agent:they make payment and receive money from government. 7(a)i winding of the firms market, transportation has the ability to extend a firms market for the sales of products ii encouragement of international trade, transportation by sea,air and land has greatly promote trading between countries iii development of rural areas, transportation has greatly encouraged the development of the rural areas iv improved standard of living ,it has led to economic growth and develpment in nigeria (b)i it allows continous flow of goods ii it reduces the overcrowding of the roads iii it has low maintenace cost iv there is less possibily of accident v 9. privatization is the transfer of ownership and control of state- owned business enterprises from the the state to individual (private sector) . i. Efficiency- By removing red – tapism and reducing waste. It is believed such business can be better run by the private sector. ii. Liberalisation- privatization is often aimed at allowing more investors into certain sector thereby creating room for competition. iii. Consumer’s interest- privatization maybe also be conceived to protect the interest of consumers by giving the right to chose which is often under government monopoly. iv. Burden reduction- government may decide to private an enterprise in order produce its financial burden in the running of such an enterprises. v. Efficiency management- it is believed that when business is run by businessman and not civil servant, it will be more efficient and profit oriented.
Posted on: Thu, 05 Sep 2013 10:38:19 +0000
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